ANZ-Roy Morgan Consumer Confidence drops 3.1pts to 63.1 – lowest for seven months after RBA raises interest rates to 4.85%
ANZ-Roy Morgan Consumer Confidence dropped 3.1pts to only 63.1 after the Reserve Bank raised interest rates +0.25% to an 18-year high of 4.85%. This is the lowest Consumer Confidence since early April and the indicator is a large 20.4pts lower than a year ago, November 3-9, 2025 (84.5), and 8.5pts below the 2026 weekly average of 71.6.
An analysis by State shows confidence decreasing in Victoria, Queensland, and Western Australia, but slightly increasing in New South Wales, and South Australia.
The drop in Consumer Confidence this week was driven by a second straight week of decreases in confidence about personal finances both compared to a year ago and over the next 12 months.
Only around one-in-eight, 12% (down 2ppts), of Australians say their families are ‘better off’ financially than this time last year compared to a majority of 61% (up 5ppts) that say their families are ‘worse off’ (a record high figure for this indicator).
Views on personal finances over the next year deteriorated for a second straight week with just over one-in-six, 17% (up 2ppts) of respondents expecting their family will be ‘better off’ financially this time next year (an equal record low figure for this indicator), while 49% (up 5ppts), expect to be ‘worse off’.
Net sentiment regarding the economy over the next year deteriorated this week with only 4% (down 1ppt) of Australians, expecting ‘good times’ compared to 49% (up 1ppt), expecting ‘bad times’.
Australians’ views about the economy’s performance over the longer-term of the next five years was unchanged this week with 7% (unchanged) of Australians expecting ‘good times’ for the economy over the next five years compared to almost a third, 32% (unchanged), expecting ‘bad times’.
Net buying intentions were unchanged this week with just 14% (unchanged) of respondents saying now is a ‘good time to buy’ major household items compared to an increasing plurality of 48% (unchanged) that say now is a ‘bad time to buy major household items’.
ANZ Economist, Sophia Angala, commented:
“Last week’s RBA rate hike to 4.85%, the highest cash rate since 2008, likely weighed on ANZ-Roy Morgan Australian Consumer Confidence. The series fell to 63.1pts, its third lowest result since the series began in 1973, driven by weaker confidence in personal financial conditions. Confidence fell across all housing cohorts, with mortgage holder confidence falling to its lowest level since the weekly series began in 2008.
“We think the cash rate has likely peaked at 4.85%, although the risks remain tilted towards further tightening given the RBA’s concern about inflation expectations. On a four-week moving average basis, inflation expectations ticked down last week but remain elevated compared with the beginning of the year. Together, elevated rates and historically weak confidence are likely to weigh on household spending.”
Check out the latest results for our weekly surveys on Business Confidence, Consumer Confidence, and Voting Intention as follows:
Roy Morgan Business Confidence Statistics
ANZ – Roy Morgan Consumer Confidence Statistics
Federal Voting – Government Confidence Rating
Related Research Reports
The latest Roy Morgan Consumer Confidence Monthly Report is available on the Roy Morgan Online Store. It provides demographic breakdowns for Age, Sex, State, Region (Capital Cities/ Country), Generations, Lifecycle, Socio-Economic Scale, Work Status, Occupation, Home Ownership, Voting Intention, Roy Morgan Value Segments and more
Consumer Confidence – Monthly Detailed Report in Australia.
Business Confidence – Monthly Detailed Report in Australia.
Consumer Banking Satisfaction - Monthly Report in Australia.
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Margin of Error
The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.
| Sample Size | Percentage Estimate |
| 40% – 60% | 25% or 75% | 10% or 90% | 5% or 95% | |
| 1,000 | ±3.0 | ±2.7 | ±1.9 | ±1.3 |
| 5,000 | ±1.4 | ±1.2 | ±0.8 | ±0.6 |
| 7,500 | ±1.1 | ±1.0 | ±0.7 | ±0.5 |
| 10,000 | ±1.0 | ±0.9 | ±0.6 | ±0.4 |
| 20,000 | ±0.7 | ±0.6 | ±0.4 | ±0.3 |
| 50,000 | ±0.4 | ±0.4 | ±0.3 | ±0.2 |
